Gochain!

Know the Joy that comes along with playing the Candy Crush game? If you've ever been in the candy crush phase you would be familiar with the double and triple hit Chants. The "Delicious", " Divine" and "Crunchy" cheer that comes along with making the right moves.

With up to 500 million downloads, the candy Crush game boasts of a wide fan base across multifarious platforms and is easily accessible in just one click. With a working mobile phone and a single click to download, one is introduced to the king universe. Games with that distinct variegated addictive look, candies, disco balls coupled with uber accessibility.

No caveats.

Fast forward to November 2017 which saw the release of the Cryptokitties game validated and based on the ethereum blockchain. The fun, kitten breeding game (which is soon to be available in a mobile app form) has thus far been able to initiate a paradigm shift. Many, including non-blockchain enthusiasts are able to experience first hand the many possibilities, peculiar to the blockchain technology.

The introduction of the cryptokitties game however, has served to unveil as well as magnify the vulnerabilities of the ethereum blockchain. A major problem been the Scalability tri-dilemma. As at December 10th, 2017, the Cryptokitty marketplace was recorded to have "accounted for nearly 15% of Ethereum’s total network transactions". During these times, the inability of the ethereum blockchain to adapt to the massive increase in transactions as well as the inefficiency of it's consensus algorithm inevitably led to slower speed and lesser transaction times.

The skyrocketed transaction volume as a result of the introduction of the cryptokitties game, morphed into a prodding invasion of the entirety of the ethereum blockchain. Testing the waters and finding the current state of the ethereum blockchain platform, largely vulnerable.

What's the Future like for prospective gaming Dapps you ask?

"With ethereum using the equivalent power of 1 million households" and bitcoin transactions predicted to "consume as much electricity as Denmark by 2020", you have to agree that compared to popular centralized gaming apps like candy Crush, ethereum based dapps are a different ball game entirely.

While a centralized platform like Visa inc "averages up to a 150 million transactions per day and is equipped with the ability to process as much as 56,000 transactions per seconds, ethereum and bitcoin fall short of these realistic world processing values at processing rates of 13 tps and 5tps respectively".

The Scalability Trilemma.

Scalability, Decentralization and Security as identified by Vitalik buterin is the tri-dilemmatic puzzle that has to be solved simultaneously in order to deal with the ethereum scalability issue.

Let's take a look at the GoChain blockchain solution.

Proof of Work vs Proof of Stake vs
Proof of Authority vs Proof of Reputation.

Basic knowledge of the blockchain includes understanding the relevance of terms like mining, blocks as well as hashes.
With each consensus algorithm having its own aims, pros and cons, the proof of reputation consensus model remains distinct with its efficient combination of the advantages of the other consensus algorithms.

GoChain uses a Proof of Reputation (PoR) consensus model that depends on the reputation of its participants to keep the network secure. A participant must have a reputation that is important enough that they would face dire consequences if they were to cheat the system. That is, terrible financial consequences (as well as consequences on the brand image itself.)

I read an article last year which detailed the legal consequences of the Weinstein company's board members apparent failure to address Harvey Weinstein's alleged sexual misconduct and how it may very well lead to the Company's demise.

Basically, a company’s board members could be found liable for a breach of their fiduciary duty to investors i.e for exposing the company to unreasonable financial risk, whether negligently or knowingly.

Claims could also be brought against managers and officer's "Directors and officers of a corporation or LLC breach their duty of loyalty if they “act in bad faith for a purpose other than advancing the best interests of the company".

This further reinforces the trust based system that is the proof of Reputation consensus model. Individual's are more likely to trust people that they can hold to account. Businesses that act in unethical ways suffer on many levels including fines, loss of revenue, decrease in valuation, branding, and public relations.

Hence, unlike the Proof of stake with it's low performance expectation(Initial targets for Ethereum’s Casper implementation are only 100 TPS), and it's trustless consensus model wherein validators may be bad actors, the Proof of reputation makes use of verifiable companies who truly have something to lose.

Board members, directors, officers all share the blame and lose their good reputation if they act in bad faith or negligently/knowingly expose the company to risk.

Once a company proves reputation, they may be voted into the network as an authoritative node and just like with the PoA network, only authoritative nodes can sign and validate blocks.

Unlike the energy consuming proof of Work model, the Proof of reputation employs the use of authorized signers that is, trusted nodes that create blocks, sign them, and distribute them to other nodes."Authorized signers create blocks and sign them but do this without mining costs, thus eliminating the excessive energy consumption, poor performance, and lack of decentralization problems peculiar to the Proof of Work model".

On the Gochain blockchain, reputation will be judged based on,

• A company's market cap with the Gochain network favoring larger market caps to smaller one's, to

• Whether or not a company is publicly or privately held with preference for public trading companies as they experience more direct and immediate losses and

• Brand significance, with preference for businesses which require strong public brands.

The Decentralization Problem.

"75% of all blocks are mined by large Chinese mining companies. This is true of Bitcoin, Bitcoin Cash, Ethereum and top cryptocurrencies. In the event of company collusion or government privatization, 51% attacks would be possible".

There have been a lot of controversies since Bitmain, a multi billion dollar company, announced the E3, an $800 chip created specifically for mining Ethereum. While most hold the thought that the Application specific Integrated Circuit may lead to a 51% attack, wherein the mining chip dominates more than 50% of the ethereum networks computing power or it's mining hashrate, others point out that the ASIC chip's existence may prevent the possibility of a rental attack as seen in Krypton, 2016.

A rental attack involves devising strategies in order to gain enough computing power to dominate a blockchain's network.

A few others disregard these so called conspiracies and point out that transitioning from the PoW to PoS consensus algorithm already precludes mining and is surely the best bet at solving any impending centralization problems within the ethereum network.

Gochain blockchain, Decentralization at its best.

To start with, the nodes are spread geographically with 50 companies chosen across different nations of the world. This ensures that no single power dominates the network, eliminates the possibility of a government interference or takeover, and reduces greatly the probability of a 51% attack.

"Given N authorized signers, a signer may only sign a block every (N/2) + 1. This ensures that a bad actor would need to control more than 50% of signers to perform a malicious attack".

"Authorized signers are also rewarded GoChain Coins (GOC) per block signed although the specific rate will decrease over time. There will also be small transaction fee available for the authorized node's keep for each block signed".

The Gochain Domino effect.

A stark relatable example that show's the inefficiencies of the ethereum network, involves creating a mental picture of a situation whereby 1000Dapps have to process 1 transaction per second and imagining how the ethereum blockchain at 13tps, handles this. What it brings to mind is an image of drudgery, slothfulness and a great contrast between the speed of real world transaction's vs those that occur on the blockchain.

This is everything the Go chain platform is built to solve!

With its test net
result showing an average of 1300 transactions per second in a 10 hour load test the Gochain blokchain is able to provide,

• 10x more decentralization!

• 100x increase in speed

• 1000x improvement in energy consumption.

The Gochain platform is able to achieve this through it's use of the proof of reputation consensus model which ensures decentralization. The entire network then becomes a positive feedback process.

"Systems that handle high volumes, like Google searches or Visa payments can handle high load only because they trust the servers and the network they are running on".
"By using trusted nodes, transactions can be verified very quickly and the volume of transactions the network can handle increases by orders of magnitude".

Block size (gas limit) and block times are also made tweakable. Since the PoR operates with a relatively small set of signers compared to the number of miners in Proof of work, the Gochain allows for the possibility of increased block size within the ethereum network which in turn drastically reduces the block times. This alone greatly increases the number of transactions per second.

"While Ethereum’s energy consumption has been estimated to be at 14 TWh and rising.
Assuming 450W power usage per server [31] the Gochain blockchain 50-node cluster will only use 197.1 MWh about 0.001% of the energy of the Ethereum network".

The Gochain network also utilises a combination of efficient solutions in order to solve the Storage issues peculiar to the Ethereum network. By reducing the data size of each block and the state tree, by exploring different storage schemes as well as utilizing Offchain storage, "Go Current cloud at a pricing of $0.022 USD per GB/month makes storing a copy of the blockchain history only $1,161.60 USD per year of block data".

The Gochain blockchain is also concerned about the surrealism of smart contracts. Unlike real world contracts, smart Contracts are immutable, unalterable and uneditable. This has led to certain fraud incidences with tweaks been made as a result of subtle Oversight's present during the deployment of the smart contracts.

Gochain is here and with this impressive improvement to an already innovative platform, Gochain is set to transform the entire worldview of the blockchain technology. With the distinct feature of seamless transitioning to the Gochain blockchain, Preexisting Dapps need not subject themselves to the cashier queue land of drudgery that the ethereum blockchain may become.

https://steemit.com/crypto/@originalworks/180-steem-40-bonuses-sponsored-writing-contest-gochain

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